Govt’s decision on GST will have its long-term impact on Indian economy, says Agarwal

Mumbai, Sep 04

Central Govt has taken a historic and very bold step by bringing a Kranti in GST slabs which will help not only common man but will have long impact on our country’s economy and a slap to America administration showing them the mirror that pressure tactics on India will not be tolerated and India will never bend against the imposition of 50% tariff by them.

The Govt has completely abolished 12% & 28% GST slabs on goods leaving only two slabs of 5% & 18% giving overall relief to the people of all sectors.

“This is a major decision to help & support common man, small traders, Kisan, youths, MSME sector, poorest of the poor, health sector & almost all classes are being benefited with this decision. The essential commodities, items related to health sector have been reduced to 5% & many middle-class items are completely freed from GST by giving a big relief to all sections of society. Let it be agriculture, health, sanitation, handicrafts, intermediate leather goods, 33 life savings drug’s & medicines are completely exempted from GST. Small vehicles under Automobile sector will attract 18% GST while big & luxury cars will attract 40% GST. Tax on toiletries has also been drastically cut from 18% to 5% giving big relief to the people. Bread & roti are also completely exempted from GST again a big relief to poor people,” says Dr Ajai Agarwal, Advisor, SME Chambers of India for AP & Telangana States.

The changes in the slabs will be effective from 22nd September, First Navratri. This decision of GST has brought buoyancy in capital market and share prices have taken a big leap. Now it’s the duty of manufacturers to pass on the benefit of this GST relief to the end consumers, he said.

This decision is nothing but a big gift for Diwali much before Diwali for the people, he added.

For this we must laud the initiative of Modi Government.

EoM.